European Paper and Packaging — Pricing Tracker: Europe pulp prices up slightly; containerboard prices stable

CITI'S TAKE: China’s import softwood price was flat WoW at $654/ton while hardwood prices noted a slight increase of 0.4% WoW. European softwood and hardwood prices were marginally up 0.5% and 1.1%, respectively, staying broadly flattish in 4Q26 so far (on a sequential basis). Containerboard prices were flat this week with both kraftliner and testliner holding MSD growth QTD as compared to 3Q. OCC spot price was up 0.4%, maintaining a steady increase over the past few weeks. Graphic paper prices were flat to slightly down across categories. We believe that higher containerboard prices in Q4 would be positive for packaging companies like Billerud and SCA in coming quarters, while increases in OCC prices are likely to impact Mondi. Shanghai softwood pulp futures up — Nov NBSK contract prices were up c1% in CNY terms on a WoW basis. In EUR terms, Nov future prices are up c3% vs the spot prices. Stock implications — Higher pulp prices help Stora Enso and SCA. Higher testliner price benefit